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Brazilian traders will pay fines for tax evasion for cryptocurrency transactions

Brazil’s Revenue Federal Bureau (RFB) has updated the tax code. The new edition provides penalties for traders who do not declare income from transactions with bitcoin and other cryptocurrencies.

The RFB introduced an addition to previous provisions promulgated in August, according to which Brazilian citizens are required to report to the tax authorities on all transactions made with cryptocurrencies. Those who fail to file a Declaration of their digital asset transactions will be fined between 500 and 1,500 Brazilian reais ($120-$360).

This initiative is aimed at combating money laundering, terrorist financing and tax evasion.

The already implemented tax code applies to individuals, companies and brokers, and also applies to all activities related to cryptocurrencies: trading, donations, exchanges, as well as depositing and withdrawing digital assets.

The new rules may also affect cryptocurrency exchanges, since the RFB system is required to provide information about transactions and user data. If it is not used, exchanges will not be able to meet the requirements for the provision of data.

Steven Mnuchin: "I'm not against Libra if it complies with regulatory requirements»

U.S. Treasury Secretary Steven Mnuchin, unlike his colleagues, is more loyal to initiatives to create their own digital currencies by private companies.

He said he had met dozens of times with Facebook representatives and expressed his regulatory doubts, which led to the suspension of the project as a result. However, when asked by lawmakers about Facebook’s initiative and the People’s Bank of China’s own digital currency, Mnuchin replied:

“I am not against Facebook creating its own digital currency, but for this the company must comply with all the requirements related to the law "on Bank secrecy”, as well as the requirements for combating money laundering. We cannot allow Libra to be used to Finance terrorism.“

He also said that the U.S. does not plan to develop its own national digital currency in the near future: 

"Fed Chairman Jerome Powell and I talked about this and decided that in the near future, namely over the next five years, the fed will not develop such a tool, because there is no need for it.”

In a letter to a member of the House of representatives French Hill Powell said that now the U.S. Central Bank is studying the advantages and disadvantages of issuing its own digital currency, but the Bank does not intend to move to practical actions to create this instrument. 

He also added that before developing its own digital currency, the fed is obliged to eliminate all operational risks associated with the possibility of cyberattacks, transparency, as well as monetary and financial stability.

Ripple filed another motion in court to dismiss the class action

Ripple has filed another motion in court to dismiss a class-action lawsuit accusing the company of selling XRP as unregistered securities.

In its appeal to the court, Ripple said that the lawsuit filed against it is controversial, and even if XRP were indeed securities, the Statute of limitations has long expired. 

The company explained that XRP began selling in 2013, and the lawsuit was filed by investor Bradley Sostack five years later. At the same time, Sostack could not prove the fact of buying XRP during the ICO. It is suspected that he purchased them on the stock exchange in January 2018.

It is not the first time Ripple has filed a lawsuit seeking to dismiss the lawsuit, and according to the company, it was the last attempt to “prove” that the investors ’ accusations are untenable before the parties meet in court. 

Cryptocurrency lawyer Jake Chervinsky said that Ripple each time manages to find different reasons why the claim should be rejected, but the company has not answered the question of why XRP can not be called unregistered securities.


“…gives you an orange look.  I don’t want an orange look.”

U.S. regulators urged to strengthen surveillance of crypto assets and stablecoin

The heads of leading U.S. financial regulators, including the U.S. Treasury Secretary and the fed Chairman, have urged the government to control the risks associated with crypto assets.

The recommendation appeared in an annual report published by the Financial Stability Oversight Board (FSOC). The Board consists of Chairman of the Securities and Exchange Commission (SEC) Jay Clayton, Chairman of the Commodity Futures Trading Commission (CFTC) Heath Tarbert, U.S. Treasury Secretary Steven Mnuchin and Chairman of the Federal Reserve Jerome Powell.

“The Board recommends that Federal and state regulators continue to examine the risks to the financial system arising from the use of digital assets and distributed Ledger technology,” the report said.

According to a new report, the risks of “existing and planned digital asset agreements” could threaten the stability of the financial industry “through both direct and indirect links with banking, financial markets and intermediaries.”

The report also referred to “risks to consumers, investors and businesses associated with potential losses or market price volatility” as well as “ financial risks associated with breaking laws; national security risks; cybersecurity and privacy risks, and risks to the integrity of the international monetary and payment systems.”

New Jersey casino operators fined $150,000

Five New Jersey casino operators have been fined a collective total of $150,000 for committing various different offences. SG Digital received the largest financial penalty, having to pay $100,000. It was found to offer three games that were different to what the Division of Gaming Enforcement (DGE) had approved. The three games in question were […]

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The Central Bank of France will begin testing the state cryptocurrency on next year

The head of the Central Bank of France François Villeroy de Galhau said that the Bank will begin testing the state cryptocurrency for financial institutions in the first quarter of next year.

The Central Bank confirmed this information on the social network Twitter, noting that when testing a new technology, it is necessary to use a “serious and methodical approach”. This issue was discussed at a conference organized by the office of prudential control and crisis management, as well as the financial markets Authority.

The Bank also said that the project is aimed at participants in the private financial sector and is not intended for retail payments. According to Villeroy, such an initiative will strengthen the French financial system and ensure confidence in the currency, reducing the impact of Libra stablecoin.

Villeroy’s position is in line with previous statements by French Finance Minister Bruno Le Maire, who argued that Libra should not be allowed to appear in Europe, otherwise countries could lose sovereignty in monetary policy.

“France should be the first country to issue its own digital currency and become a model for other jurisdictions,” Villeroy said, expressing interest in launching stablecoin as soon as possible.

No Philippines expansion for new online casinos

Regulators in The Philippines have confirmed that the country won’t be accepting new online casino applications for the time being. The news was shared at G2E Asia, which begun in Manila today. Andrea Domingo, Philippine Amusement and Gaming Corporation Chairperson, mentioned that sustainable industry growth would instead be the main focus. The above means that […]

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South Africa will introduce new rules for the regulation of cryptocurrencies

South Africa’s Central Bank plans to issue new cryptocurrency regulation rules to prevent the use of digital assets to circumvent currency controls.

The new rules will take effect in the first quarter of next year. They will limit the amount of local currency that South African citizens will be able to send abroad. Now they can send up to 11 million Rand ($750,000) with 1 million Rand they can not declare, and to send another 10 million Rand you need a special certificate from the tax service of South Africa. Therefore, locals often use cryptocurrencies to send money.

The local cryptocurrency community believes such a move is “far-reaching and alarming.”

“Conservative regulation not only discourages innovation in South Africa, but also discourages investors from investing in our economy,” the community said.

Local banks also discourage the use of cryptocurrencies. So, recently, one of the five largest South African banks FNB announced that it will stop servicing cryptocurrency companies from April next year.

Swiss gambling regulator grows its operator blacklist

10 more gambling websites have been added to the Inter-Cantonal Lotteries and Betting Commission (Comlot)‘s unlicensed operators blacklist in Switzerland. The first list was published in September, after Geldspielgesetz – the country’s Federal Act on Real-Money Gaming – came into force. All-in-all, 87 unregulated sites in Switzerland are now named on this. Through Geldspielgesetz, Switzerland’s gambling authorities can have internet […]

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Vitalik Buterin spoke in support of Virgil Griffith

The other day, the us attorney’s office in Los Angeles announced the arrest of Ethereum developer Virgil Griffith. The co-founder of the project Vitalik Buterin spoke in support of his colleague.

“I refuse to take the easy way out and leave Virgil because I firmly believe it’s wrong. I will sign a petition for release, ” he wrote on the social network Twitter.

Buterin stressed that Griffith is his friend and he should support him. Also, the Ethereum co-founder noted that the Ethereum Foundation did not pay Griffith for a trip to North Korea and did not provide any support – this was the decision of Griffith himself.

“Geopolitical openness is great. It is simply magnificent when a person, who since childhood was set up against the "evil enemy”, goes to him and listens to his speeches. The world would be a better place if more people did it. This virtue works everywhere. We have improved relationships with Ethereum Classic, Hyperledger and other organizations. I don’t think Virgil was any real help in anything bad. He just held a presentation of open source software. There was no “ hacking training.” If he did something like that, I would have reacted long ago and harshly. Virgil got no benefit from his trip. I hope that the United States will demonstrate strength and focus on real corruption, and will not pursue programmers who speak with publicly available information, “ Buterin said.

Recall that the other day Virgil Griffith was arrested at Los Angeles international airport on charges of violating the International Emergency Economic Powers Act (IEEPA). The U.S. citizen faces up to 20 years in prison.

IMF urges Georgia to include mining and trade in crypto assets in foreign trade balance

Media reported that representatives of the IMF (International Monetary Fund) have already met with the leaders of large cryptocurrency companies working in the mining industry. Miners were advised to report foreigners who buy cryptocurrencies from local crypto-asset mining companies. Given that Georgia ranks fourth in the world in the number of mined cryptocurrencies, the IMF’s proposal is not surprising.

IMF experts agree that cryptocurrency mining accounts for a significant share of Georgia’s economy. Therefore, the government should closely monitor the industry. Now the international organization is trying to find out the real contribution of cryptocurrency mining to the country’s GDP.

Deputy head of Department at the IMF Mercedes Vera-Martin stressed that the production of BTC requires the import of goods, hinting at specialized equipment such as ASIC miners, as well as materials for the construction of facilities. At the same time, imported materials are taken into account in the official statistics of the trade balance. Thus, reporting on imports and ignoring exports significantly distorts the overall picture.

The IMF has also prepared a special questionnaire, which should be used by official agencies of Georgia to assess the total amount of BTC mined in the country and sold abroad.

U.S. citizen arrested for holding presentation on blockchain and cryptocurrencies in North Korea

U.S. prosecutors reported the arrest of Virgil Griffith, who visited North Korea to give a presentation on how to use cryptocurrency and blockchain to circumvent sanctions.

Griffith, 36, was arrested at Los Angeles international airport on charges of International Emergency Economic Powers Act (IEEPA). The US citizen faces up to 20 years in prison.

“According to the prosecution, Virgil Griffith provided technical information to North Korea, knowing that it could be used by the country’s authorities to launder money and evade economic sanctions. In doing so, Griffith jeopardized the effectiveness of the sanctions imposed by Congress and the President in order to exert maximum pressure on the dangerous regime of North Korea, ” said U.S. attorney Geoffrey S. Berman.

Note that the IEEPA prohibits U.S. citizens from exporting any goods, services or technology to North Korea without special permission from the Treasury Department of the office of foreign assets control.

The U.S. Consulate banned Griffith, who lives in Singapore, from traveling to North Korea, but he appeared at a cryptocurrency conference in North Korea and held his presentation in violation of the ban. The Deputy Director of the FBI William F. Sweeney Jr. underscored:

“There are certain reasons why sanctions were imposed on North Korea. The country and its leader pose a real threat to our national security and the security of our allies. Mr. Griffith traveled to North Korea without the permission of the Federal government and with the knowledge that it was against the law. We cannot allow anyone to avoid sanctions, because if North Korea gets funding, technology and information, it will use them to build nuclear weapons, and this will put the whole world at risk. Even more egregious is that a us citizen decided to help our opponent.”

In India will develop a national strategy for the blockchain

Minister of India for electronics and information technology Sanjay Dhotre, India “ is preparing a national strategy for the use of blockchain.”

This initiative will address the application of technology in various industries. At the same time, the Minister called blockchain “one of the most important technologies for research”, which can be applied in the spheres of management, banking, Finance and cybersecurity.

Also in India, the project “Distributed Centre of Excellence in Blockchain Technology” will be launched, which will be supported By the Computing Development Advanced Center(CDAC), The Institute for Development and Research of Banking Technologies (IDRBT) and other government agencies. 

Already now in the state of Telangana the decision on registration of property rights on a blockchain is tested. The concept of “Proof of Existence” (PoE) based on blockchain will also be developed, which can be used to confirm the authenticity of diplomas, certificates, contracts and other documents.

Apparently, India is going to follow the example of China-to ban cryptocurrencies, but to accept the blockchain. Next year, the case on the ban on banking services of crypto-currency companies, which was introduced a year and a half ago, will be considered. But perhaps India will ban the use of cryptocurrencies altogether.

BitBay will delist Monero in February 2020

One of the leading cryptocurrency exchanges in Eastern Europe, BitBay will delist the confidential monero cryptocurrency to meet international anti-money laundering standards.

BitBay has announced that Monero (XMR) will not trade on the platform from February 19, 2020. At the same time, deposits in XMR will cease to be accepted from November 29, and withdrawals will be blocked until the scheduled hard fork Monero on December 5. According to the notice, users must withdraw their XMR from the site by may 20, 2020.

As noted by the exchange, the reason for delisting Monero was the confidentiality of the coin. The cryptocurrency uses ring signature technology that shuffles small groups of transactions to hide the identity of the participants in the transaction. The exchange reported:

“It was decided to exclude the possibility of money laundering and the inflow of funds from external networks. As a licensed exchange, BitBay must adhere to market standards, compliance with which allows us to ensure the legal security of customers and ease of use of the exchange with the participation of the banking system and the availability of payment operators.”

Cryptocurrency platforms are increasingly delisting anonymous cryptocurrencies due to regulatory pressure. Recall that in September, the OKEx Korea exchange said it would delist five confidential cryptocurrencies – XMR, DASH, ZEC, ZEN and SBTC-as they do not comply with the recommendations issued by FATF.

The Federal Council of Switzerland proposed to adapt the legislation to the blockchain

The Swiss Federal Council has proposed to improve the legislation on distributed registry technology (DLT) in order to clearly define the legal status of technologies and remove barriers to their application.

In December last year, the Council presented a report on the regulation of blockchain in the financial sector, according to which Switzerland seeks to create the best conditions for the development of the latest technologies, so that the country becomes a leader in FINTECH, blockchain and digital innovation.

The Council proposes to adapt Federal laws for projects engaged in development in the blockchain industry, to simultaneously eliminate the risk of using cryptocurrencies for illegal purposes. Thus, the Council revised last year’s report and introduced a series of amendments to nine Federal laws covering civil law and the financial market. Parliament will consider the proposal early next year.

It is known that Switzerland is loyal to cryptocurrencies and blockchain. This is proved by the fact that in October, the national Bank of Switzerland and the Bank for international settlements (BIS) signed a cooperation agreement, in which banks will study state cryptocurrencies and integrate them into the infrastructure of the distributed Ledger. However, the President of the national Bank of Switzerland Thomas Jordan (Thomas Jordan) still fears that the stablecoin issued by the Central Bank of the country may violate the entire monetary policy of Switzerland.

Licensed German operators given warning by regulators

German authorities have warned regulated operators offering online gambling or poker to stop doing this, or risk losing their licence. Ongoing reforms The Darmstadt Regional Council, which represents the state of Hesse, issued a letter stating this after a number of press releases asked for the licensing process to be delayed. According to those requests, […]

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